VF Corporation (NYSE: VFC), a global leader in branded lifestyle apparel, footwear and accessories, today announced that it has completed its previously announced acquisition of Williamson-Dickie Mfg. Co., a family-owned, private workwear company, for $820 million in cash, adjusted for closing and working capital changes. As a result of the transaction, Williamson-Dickie has become a wholly owned subsidiary of VF Corporation.
The acquisition combines Williamson-Dickie’s brands, including Dickies®, Workrite®, Kodiak®, Terra®, and Walls®with VF’s current workwear offerings, including Wrangler®RIGGS Workwear®, Timberland PRO®, Red Kap®, Bulwark®, and Horace Small® to create a global leader in workwear with approximately $1.7 billion in annual revenue that will serve a broader set of consumers and industries around the world.
For 2017, Williamson-Dickie is expected to contribute approximately $200 million of revenue and approximately $0.02 to VF’s earnings per share, excluding transaction and other deal-related expenses. By 2021, Williamson-Dickie is expected to contribute more than $1 billion of revenue, which will accelerate VF’s revenue to over $15 billion and earnings per share to more than $5.00.
About VF
VF Corporation (NYSE: VFC) outfits consumers around the world with its diverse portfolio of iconic lifestyle brands, including Vans®, The North Face®, Timberland®, Wrangler®and Lee®. Founded in 1899, VF is one of the world’s largest apparel, footwear and accessories companies with socially and environmentally responsible operations spanning numerous geographies, product categories and distribution channels. VF is committed to delivering innovative products to consumers and creating long-term value for its customers and shareholders. For more information, visit www.vfc.com.
